Sensex, a great role to move lower with earnings at Focal level

(RTTNews) – Indian stocks are likely to open further on a weak Friday as traders react to mixed global cues and earnings results from the likes of Reliance Industries, Infosys, Axis Monetary institution and LTIMindtree.

Reliance Industries posted a quarterly profit, Infosys raised its FY25 revenue guidance and financial institution Axis reported a slight uptick in its December quarterly earnings.

LTIMindtree reported a 7.14% drop in consolidated net profit for the third quarter, missing estimates.

The benchmark Sensex and Nifty posted modest gains on Thursday, posting gains for the third consecutive session. The rupee weakened by 19 paise to end at 86.55 against the US dollar.

Asian markets pared early losses as China’s record fourth-quarter GDP data beat estimates.

Figures for factory production and gross retail sales beat expectations, and housing costs fell at a slower pace for a fourth month, while data on fixed asset financing fell more than tentative estimates.

The Japanese yen is poised for its strongest weekly performance in more than a month amid BoJ bets on a rate hike.

The dollar was at times lower against peers, while gold held a real range of even more than a one-month high and was at times a location for a weekly decline on revived hopes of a Fed rate cut.

Oil edged higher in Asian trade, hitting a fourth weekly drop, led by concerns over tighter supply following US sanctions on Russian oil producers and Federal Reserve signals that credence to possible further price cuts is within reach.

U.S. stocks succumbed to taking advantage overnight, a day after benign inflation found its way into bank earnings, helping the three major indexes hit their highest one-day percentage points in more than two months.

The tech-heavy Nasdaq Composite lost 0.9 percent, while the Dow and S&P 500 each slipped 0.2 percent, despite falling bond yields after sharp comments from Federal Reserve Governor Christopher Waller.

In economic news, gross retail sales growth slowed more than expected in December, weekly jobless claims rose more than expected at the end of the week, while a measure of US Mid-Atlantic manufacturing projects rose by maximum in about four years. half a year in January, a mass of data on the records confirmed.

European shares hit their all-time high in a month on Thursday, with results from owner Cartier Richemont and renewed hopes of lower prices supporting investor sentiment.

The pan-European STOXX 600 index rose 1 percent. Germany’s DAX rose by 0.4 percent, France’s CAC 40 by 2.1 percent and the U.Okay. The FTSE 100 added 1.1 percent.

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